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Mid-Session Wheat Market Report
Wed 22 Feb 2012 11:42:01 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
May wheat opened 3/4 of a cent lower on the session at 636 and established an early range of 634 to 639. A stronger US dollar and weakness in equity markets helped to pressure the market early but a lack of new fund trader selling helped spark a short-covering bounce to higher on the day into the mid-session. Ideas that the break yesterday was a bit overdone helped to provide some support and talk that the US is now very competitive on the world market added to the positive tone. Tunisia is tendering to buy 50,000 tonnes of optional origin soft wheat. Bangladesh is tendering for 50,000 tonnes of wheat in order to replenish supply.
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